Welcome to our dedicated page for Civitas Solns news (Ticker: CIVI), a resource for investors and traders seeking the latest updates and insights on Civitas Solns stock.
Civitas Resources, Inc. generated news around oil and gas operations, capital returns, governance matters, and corporate-status changes. The company was an independent exploration and production business focused on acquiring, developing, and producing crude oil and liquids-rich natural gas assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado.
CIVI updates commonly covered operating and financial results, conference-call timing, dividends, share repurchase authorizations, debt-reduction priorities, material agreements, shareholder voting matters, and the completed merger process that ended Civitas as a separate legal entity.
IOG Resources II, announced the acquisition of oil and gas interests in the DJ Basin from Civitas Resources, Inc. The Assets include 1,480 wellbores in Weld County, Colorado, with a current net production of 4.7 mboe/d. This marks the fourth investment for IOGR II and the sixteenth for the IOG Resources platform.
Civitas Resources, Inc. announced the repurchase of 1.04 million shares from Vitol at $72.00 per share, totaling $75 million. The acquisition of oil and gas assets in the Permian Basin from Vencer Energy, resulted in Vitol holding less than 2% of Civitas' outstanding shares. Civitas has repurchased $142 million worth of shares year-to-date and has authorized approximately $338 million for share repurchases through 2024.
Civitas Resources, Inc. (NYSE: CIVI) reported strong first quarter 2024 financial and operating results, with net income of $175.8 million, adjusted net income of $277.1 million, and total sales volumes of 335.5 MBoe/d. The Company divested non-core assets exceeding $300 million, closed acquisitions, declared a dividend of $1.50 per share, and repurchased shares. Civitas maintained full-year guidance, emphasizing operational efficiencies, cost reductions, and strong performance. The Company's first quarter financials showed increased sales volumes and revenue, with positive performance in the Permian and DJ Basins. Civitas' strategic focus on maximizing free cash flow, enhancing balance sheet, and shareholder returns positions it for future value creation.
Civitas Resources, Inc. (NYSE: CIVI) declared a quarterly cash dividend of $1.50 per share, consisting of a base dividend of $0.50 per share and a variable dividend of $1.00 per share. The dividend is payable on June 26, 2024, to shareholders of record as of June 12, 2024.
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